Web3 Startup Mysten Labs Seeks $200m in Series B Financing, Closing Valuation at $2B

Mysten Labs, a crypto startup founded by former Meta executives, is closing a Series B round that could value the company at $2 billion

The financing process is still in intense discussions, and Mysten Labs is actively seeking at least $200 million in Series B financing led by FTX Ventures. Investors led by FTX Ventures have committed at least $140 million in the round, The Information reported.

After this financing, the company could be valued at $2 billion. But the winner depends largely on whether stock investors get additional warrants that give them the right to buy tokens used with their blockchain, and the strike price for exercising those options.

Mysten Labs is built to accelerate the adoption of web3. Mysten Labs was founded in September 2021 by four former senior engineers in Facebook’s (now Meta) encryption division. The founders include Evan Cheng, who also worked at Apple for 10 years and is currently the CEO of Mysten.

The other three core members are Sam Blackshear, Adeniyi Abiodun and George Danezis who worked together at Novi Research (Meta’s advanced cryptographic R&D team).

Mysten Labs completed a $36 million financing round led by a16z in December last year.

It plans to launch a β€œnext-generation NFT platform for the Metaverse” in 2022, making it easier for users to move assets between different virtual environments without sacrificing functionality.

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